PHILADELPHIA--(BUSINESS WIRE)--March 24, 2005--Aphton Corporation (NASDAQ:APHT), a biopharmaceutical company focused on the development of immunotherapies for the treatment of cancer, announced the formal completion of its acquisition of Igeneon AG, a biopharmaceutical company based in Vienna, Austria. Pursuant to the agreement, Igeneon equity holders will receive an aggregate of 21.5 million shares of Aphton common stock in exchange for 100% of the equity of Igeneon. Igeneon AG will become a wholly owned subsidiary of Aphton Corporation.
"This acquisition is a key component of Aphton's strategy to create an innovative global oncology company," said Patrick Mooney, M.D., Chief Executive Officer of Aphton. "We believe the addition of Igeneon's people, products and research capabilities will provide us with the depth and experience to expand our current capacity and are a complement to Aphton's people and programs."